QUESTION: Should I put all of my assets in joint tenancy?
John J. Campbell, Esq., CELA
Law Offices of John J. Campbell, P.C.
An ElderCare Matters Partner
ANSWER: No! There are times when titling a particular item of property in joint tenancy makes sense. However, putting all your assets in joint tenancy, especially without proper planning, can be disastrous. Your joint tenant isn’t just a signer, he or she owns an undivided one-half (½) of your assets. Nothing prevents a joint tenant from clearing out all of your bank account; and nothing prevents a creditor of your joint tenant from executing judgments against your joint tenant’s interest in your property. Putting your assets in joint tenancy will not protect them from Medicaid and certainly won’t solve your estate planning issues. If your will says “leave everything to my daughter,” but your assets are in joint tenancy (with right of survivorship) with your son, then your son will take everything when you die; not your daughter.
21 “Mobile Friendly” Elder Care / Senior Care Directories
If you need help in planning for and/or dealing with this issue or with any Elder Care / Senior Care matter, you can find the professional help you need in one of the following 21 “Mobile Friendly” Elder Care / Senior Care Directories. These Elder Care / Senior Care – specific Directories are sponsored by the National ElderCare Matters Alliance, an organization of thousands of America’s TOP Elder Care / Senior Care Professsionals who help families plan for and deal with a wide range of Elder Care Matters.
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Today’s Elder Care / Senior Care Q&A for Tuesday, 1/12/2016